CloudMargin, a UK-based collateral and margin management service, has raised $15m in its series B round from a consortium including stock exchange operator Deutsche Börse and banks Deutsche Bank and Citi.
The money will be used to further develop the platform and expand in the US and Asia.
All three institutions will join CloudMargin’s board.
Tilman Fechter, head of banking, funding and financing at Clearstream, part of Deutsche Börse Group, said: “Its innovative and agile technology brings crucial momentum to all players in the collateral management industry, from the largest investment banks to small and medium-sized buy-side institutions.”
Joseph Macdonald, director of fixed income and currencies trading at Deutsche Bank, added: “CloudMargin is a key partner for Deutsche Bank’s collateral management division, and we have been working closely together since we established our partnership in 2018.”
Sanjiv Sawhney, head of custody and fund services at Citi, said: “Having adopted the CloudMargin platform in 2018 to support the provision of efficient outsourcing services for our clients, we have been impressed by the technology and chose to invest in the company.”
Since the company’s inception in 2014, CloudMargin has raised $35m, with investors including IHS Markit, Jefferies and Illuminate Financial.
CloudMargin in April 2018 raised $10m from information and analytics provider IHS Markit and LVC, the venture capital arm of investment holding group Leucadia National.
VC firm Illuminate Financial Management also took part in the round alongside undisclosed additional existing investors.
Investment bank Jefferies served as CloudMargin’s financial adviser on the transaction.
